“I would like to see any new Government focus on these roads. They need improving.”

Toby Roberts, managing director at Safety Media Ltd, Bodelwyddan, said: “I am huge believer in infrastructure investment. It is not just for the new roads themselves but the benefit for the economy in the first place during the construction phase.

Professor John Hughes, who comes from Ireland, said the Republic of Ireland had used its EU structural funds primarily for infrastructure - linking their major cities.

He said: “They have put their money into major infrastructure projects, particularly transport.

Bangor University Vice Chancellor Professor John Hughes

“Here if you get in your car you are lucky to get to Cardiff in four and a half hours.”

He said there could have been better vision on how the structural funds were used.

On the WDA, Dr Graham Jackson, chairman of KK Fine Foods, Deeside, said: “It was a good brand. It could be resurrected, it was a successful exporting arm.”

Mr Williams, from Rubbertech, said the fact we were still talking about it today showed the strength of the brand.

Bryn Jones from Bangor University

Professor John Hughes said IDA Ireland had considered the WDA one of their biggest competitors for inward investors.

He said: “They were amazed when it went and have taken advantage.”

There was debate over the impact of Welsh Government Enterprise Zones in Deeside, Anglesey and Snowdonia. Dr Jackson believed they had been of major benefit to attracting hundreds of jobs to the region.

But Mr Williams, from Rubbertech, voiced concerns that it also saw funding pulled away from areas outside of the zones.

He said: “We are being told that grants are not available and I have been told it is one of the consequences of directing funding to the zones.”

But Dr Jackson said: “The rural firm could employ four and take it to eight, but where does that get you.

“But a large company coming in to an enterprise zone could create 90/100/500 jobs.

“The grant process is the same.”

Daily Post Business Awards Lunch Meeting At Bangor University

Business leaders went on to discuss the EU referendum.

Dr Jackson said for KK Fine Foods it was crucial for them to access a workforce from across the EU. He said they struggled to recruit locally.

He said they invested in staff and that they wanted to stay in the UK.

He said: “I see no reason not to be part of the EU.

“Where would people come from if they stopped coming from the EU as we are an expanding economy. The agricultural sector would collapse, hospitals would collapse, tourism would collapse. Local people don’t want to work for £7.20 an hour.

“We also have the right to go and work in Europe.”

He added that farmers in Wales would be badly affected.

Mr Roberts, Safety Media, said the EU decision would have a far greater impact on organisations than people. He said they should be talking to their employees about which way to vote.

Professor Hughes said the university was in favour of remaining in the EU.

He said: “Leaving cuts out a lot of funding for research and innovation and being part of the EU gives us access to networks, other universities. Erasmus funding allows our students to study abroad and European students to come here.”